regarding: "does it need to have some audio in it already?"
not with Tape It. when all recording has finished, you drag from
the Tape It icon within the Tape It window, plop it anywhere in the empty
audio track, voila. (The Tape It plug was inserted into the fx bin of the synth track).
I don't remember much about the difference in the feature set between
the free Tape It 1 and the $20 Tape It 2, but it definitely works that way in Tape It 2.
The Silverspike website has a comparison table, i think.
Also, Tape It 2 supports multiple instances, so although it might take closer to a minute
or so to set up multiple instances, name files, etc for a multitimbral synth, it may work.
I just looked at the silverspike site... scroll down to the bottom of the Tape It page,
there is a comparison of the two versions >>> for me, the Tape It 2 version was a no brainer because of drag & drop
and Especially because of time stamping.
R